General Discussion Banter GLN, page-12776

Good morning paulgf,
thank you for the night feedback.

"..not lithium junior specific ..."

I had specially divided the comparison into three categories to explicitly point out the category and performance Argentina juniors. And there is clearly a specificity there.
But anyway. Your next point is carbonate price transparency vs. Li-Cl price transparency. Well, that's just the fate of a first-mover(albeit with a forgotten, old strategy)
"...It’s becoming a transparent market"I don't think so, I honestly don't find the just frequently quoted SMMprices very credible, for example, nevertheless or maybe just because of that they enjoy a high popularity?

"...i am not critical of the chloride strategy , I think it’s a smart move..." Your reasoning is a bit confusing to me and contradictory. I think we agree on the following advantages of the LI-CL strategy:

• Lower CAPEX
• Lower OPEX
• Faster cash generation
• Proven tecnology

"....But the market needs to be convinced of this too and for the moment the evidence is that it’s not . ..."
What evidence is management supposed to provide, or have provided at this point?Product samples were sent out two weeks ago. I think it would be expecting too much to believe that an acceptance agreement will be signed today or tomorrow because of this. Unless JC invites someone to HMW, sticks them in one of the freshly dug pond pits, pulls out a revolver and throws the contract and pen at their feet.

"You find a resource , you do studies , you firm up an offtake agreement and often that offtaker then assists with finance and often a cornerstone equity investment in the project . this then lays the foundation for debt funding ."

And Galan is in this process exactly where? - Just before the DFS 2 study!You outline the usual process, moreover, I would like to go back to the rules of the game that were mentioned. The usual sequence in the industry is PEA, PFS, FS, DFS, offtake agreement. The sequence is not mandatory, but it is customary. And that's the framework Galan is following. DFS 2 is announced for September, then offtake agreement(s) by the end of the year.So, what blame can be placed on management?

"...But we have gone off the reservation and not following this approach and sort of put offtakes down the priority list ...."
Not right, as explained before.If, in the meantime, a crazy, desperate Chinese (to be politically correct: it could also be an underexposed German or an American oil baron) shows up and makes an insane offer, that would also be okay and everyone would be happy.

"...We are instead are not prioritizing the really key bits of information..."
That would be what, for example?

To be clear. I am not married to management and if, in my view, mistakes are made, they should be clearly addressed. There is a saying here:He who works makes mistakes, he who does not work....
When it comes to performance appraisals, all I ask is to remain fair and under no circumstances to use the current share price as a yardstick. The share price can be irrationally low as well as unfoundedly high. This would then be the happy case of reward for inaction, so to speak.
It can also be irrational in peer comparison. If it is too low, this is an investment opportunity that I look for.

Have a nice day and get the 3rd place
Smith71